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Do all brokers accept Canadians?


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Do all brokers accept Canadians?

  #1 (permalink)
tammyd549
vancouver, canada
 
Posts: 50 since Jul 2010
Thanks Given: 59
Thanks Received: 55

Hello all,

I'm trying to decide which broker to use for my live futures account and would love some input from other Canadians - has anyone opened an account with Lind Waldock?

I'm also considering Amp, Mirus and IB.

Are there any others that I am missing that will accept Canadians? (just FYI I will be starting with 10K)

Also, is anyone aware of a minimum income/net worth level that would dictate what broker to use? I spoke briefly to someone at Lind Waldock and he said that this was a factor in "accepting" the application for a new account ..... I opened an account with Questtrade, no problem and this was the first I heard of this kind of "pre-qualifying"

TIA!

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  #3 (permalink)
 
Snoop's Avatar
 Snoop 
Toronto, Ontario
 
Experience: Advanced
Platform: NinjaTrader, Multicharts
Broker: IB, IQfeed
Trading: ES, CL
Posts: 203 since Oct 2009
Thanks Given: 135
Thanks Received: 165


Canadian accounts are not accepted by all, but a lot do, though the requirements vary.

Here's my experience:

1. IB - yes, as they are a member of the IDA (which I believe offers you the same deposit insurance as with any other Cdn broker), minimum account size is small and their real time data is virtually free, though filtered. Their default charting is limited, but there are many 3rd party options available for charts and order entry. For me it's a good base account, certainly to get started.
2. Infinity futures - yes, minimum account size was $15k for Cdns when I opened a year ago. DOM is good, but their transact platform is not supported by Multicharts anymore, which is an issue for me.
3. Mirus - yes, i opened through RCG, and it took them a grand total of 10hrs from start to finish. Data from Zenfire seems to be good, though I am using Iqfeed primarily. Minimum if I remember correctly is $3k, or $5k max. They appear to interpret the "rules" differently than Infinity. Issue I'm having is order entry - you really need NT to properly bracket and manage orders, because their basic offering of R trader is indeed, very basic.
4. Velocity is a no.
5. Global futures is a yes, though I have not opened an account with them.
6. Lind Waldock, to me, is geared to customers who want full service - research, execution etc. So I expect they are targeting larger fish. Their commissions are on the higher end and not really suitable for the do it yourself trader.

You mentioned Questrade - do they offer US futures trading?

Jimmy

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  #4 (permalink)
tammyd549
vancouver, canada
 
Posts: 50 since Jul 2010
Thanks Given: 59
Thanks Received: 55


Snoop View Post
Canadian accounts are not accepted by all, but a lot do, though the requirements vary.

Here's my experience:

1. IB - yes, as they are a member of the IDA (which I believe offers you the same deposit insurance as with any other Cdn broker), minimum account size is small and their real time data is virtually, though filtered. Their default charting is limited, but there are many 3rd party options available for charts and order entry. For me it's a good base account, certainly to get started.
2. Infinity futures - yes, minimum account size was $15k for Cdns when I opened a year ago. DOM is good, but their transact platform is not supported by Multicharts anymore, which is an issue for me.
3. Mirus - yes, i opened through RCG, and it took them a grand total of 10hrs from start to finish. Data from Zenfire seems to be good, though I am using Iqfeed primarily. Minimum if I remember correctly is $3k, or $5k max. They appear to interpret the "rules" differently than Infinity. Issue I'm having is order entry - you really need NT to properly bracket and manage orders, because their basic offering of R trader is indeed, very basic.
4. Velocity is a no.
5. Global futures is a yes, though I have not opened an account with them.
6. Lind Waldock, to me, is geared to customers who want full service - research, execution etc. So I expect they are targeting larger fish. Their commissions are on the higher end and not really suitable for the do it yourself trader.

You mentioned Questrade - do they offer US futures trading?

Jimmy

Wow! Thanks for the recap Jimmy, good info

Sorry to confuse, Questrade does not offer futures but they do offer Forex. I was just trying to find out why Lind Waldock was quizzing me so much about my income and net worth.... I did not know if this was the norm when opening a futures account, I could not understand why it would be much different from a forex account...

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  #5 (permalink)
 dtes 
vancouver
 
Experience: Intermediate
Platform: NinjaTrader
Broker: IB
Trading: ES
Posts: 3 since Jan 2010
Thanks Given: 4
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If you live in British Columbia, then you will not be able to open an Infinity Futures account.

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  #6 (permalink)
 jackomulligan 
Chicago, Illinois
 
Experience: Advanced
Platform: Ninjatrader,Multicharts
Broker: NinjaTrader
Trading: CL,ES
Posts: 1 since Apr 2010
Thanks Given: 0
Thanks Received: 1

Mirus Futures - yes for BC, Alberta no for Manitoba

Amp Futures clearing through Dorman - Yes BC, Alberta no for Manitoba. Amp will refer you to PFG to open with them

Global Futues - yes for all provinces Clearing through RCG but they use Patsystems feed so run, don't walk away from this combination

PFG - all provinces

Hope this helps

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  #7 (permalink)
loonietrader
Calgary, Alberta
 
Posts: 29 since Jan 2012
Thanks Given: 7
Thanks Received: 14

Have any Canadians on this site used Globalfutures? Was your experience good or bad?

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  #8 (permalink)
 
trendisyourfriend's Avatar
 trendisyourfriend 
Quebec Canada
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP/CQG
Trading: ES, NQ, YM
Frequency: Daily
Duration: Minutes
Posts: 4,527 since Oct 2009
Thanks Given: 4,171
Thanks Received: 6,018

Online Futures & Commodity Trading, Discount Commodities Broker Rithmic Feed Broker

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  #9 (permalink)
 Supio 
vancouver bc canada
 
Experience: Intermediate
Platform: Multicharts
Trading: oil, gold, currency futures
Posts: 8 since Mar 2012
Thanks Given: 0
Thanks Received: 3

I tried to open an account at Global Futures with AMP as clearing house but my application with AMP was refused because I'm a BC resident. Transact AT also would not accept BC residents.

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  #10 (permalink)
wamo
Vancouver, Canada
 
Posts: 34 since Feb 2013
Thanks Given: 2
Thanks Received: 1


Any updates on Canadian brokers?

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